Generation Y buyers are willing to go into more debt to get the home they want.Source:Supplied

Despite this almost a third of generation Y buyers still need financial help to buy a property with about a fifth of them receiving help from their parents.

The report found that while many potential property buyers were concerned about the housing marketing being unaffordable, generation Y buyers were the most positive about it.

It found 53 per cent of generation Y already owned properties, with about a quarter of them owning investment properties.

Many buyers are still concerned about affordability levels.Source:News Corp Australia

“They are also getting into the market at a relatively young age, with 50 per cent of those buying their first property between 25 years and 29 years,’’ the report says.

According to finance expert Bruce Brammall of Castellan Financial Consulting generation Y are getting older and becoming more settled into their careers.

“Their salaries tend to rise, in their twenties, thirties and forties,’’ he said.

“This coupled with the saving strategies their Baby Boomer parents have educated them about, and the financial assistance many are receiving from their parents means that a large proportion of gen Y now have the skills, financial confidence and family support to achieve their property goals.’’

Generation Y buyers are keen to get into the market.Source:Supplied

The report also found that buyers in general were more prepared to make sacrifices to own a home.

While they were prepared to give up luxury items or inclusions such as swimming pools, they wouldn’t give up on buying in the location they wanted to live in.

About 44 per cent of buyers would not compromise on being more than 10km from their ideal location.

The report found about 13 per cent of potential buyers were working two jobs to get the money together to buy, while 6 per cent were prepared to sell valuables and four per cent planned to lease out a room once they had bought.